It is an organization managed by professional specialists, which main goals are to increase wealth in a society by advocating the culture of innovation and constructive competition among SMEs and knowledge-based institutes.

Incubation center:

It is a center that supports technopreneurs by providing services such as accommodation, management, legal, financial and marketing consultation under the management of professional specialists.

Technology Incubation Centers:

These are supporting infrastructures established to transform SMEs into developed enterprises in the fields of research, production and specialized services. They also provide a platform for knowledge-based technopreneurship attraction and promotion from universities, research centers and science and technology parks.

Small and Medium Size Enterprises (SMEs):

They are enterprises the turnovers of which are not like the 20% turnover of large enterprises, and their shares don’t belong to these enterprises.

Technological Units:

These units have a legal identity separated from the Incubation Center and work according to their statute and other legal documents in the fields of applied researches, development, engineering design, reverse engineering, technology transfer, and providing technical services to commercialize technological results. They consist of private companies, industrial research and development units, and university or executive organizations research centers.

Pre-incubation Phase:

This phase extends to the maximum of six months, in which talented individuals or groups with innovative industrial ideas are provided with consultation, required training for understanding the market, exploring group work, establishing the work idea, and creating independent legal identities. In case the pre-incubation phase and acquiring and independent legal identity were successful, the start-up unit can apply for official residence in the incubation center. This six months period can be extended to nine months upon the approval of the manager.

Incubation Phase:

This phase extends to the maximum of three years during which the technological units residing in the incubation center will have reached basic development criteria, and are required to leave the incubation center. This three year period can be extended to five years upon the approval of the board of trustees.

Technology Transfer:

It is the transfer of science which leads to the improvement of the technological capacities of a country in relation to the local conditions of the country and its efficiency, within the same country or from one to another. The process of Technology Transfer is composed of a chain of steps that can be divided into two phases:

Alpha phase (utilization): consists of all the steps through which a new technology enters an industrial organization and is deployed.

Beta phase (innovation and modification): consists of the process of applying the technology to the working environment and the necessary innovations and modifications to improve the technological efficiency.

Venture Capital:

The possibility of potential losses and incapability of measurement of an investment includes the potential of losing part or all of the initial capital. This risk is usually calculated depending on a previous output or the average dividend yield for a specific investment.

Innovation:

It is the operation or transformation of new ideas into usable products, new or improved services.

Advanced Technology:

It is a concept that describes the current situation of technology or science application in the processes and new products. Advanced technology is relative. In the Edison era, the lamp was considered to be advanced technology. Moreover, in the 1930s, the electrical typing machine was considered to be advanced technology. Nowadays, biotechnology and microelectronics can be classified as advanced technology.

Commercialization:

It is the creation of opportunities for employment through scientific inventions, research, and development, as well as the introduction of new products and services that can enter the market for profit. This term can be used for processes, products and new inventions that are launched into the market on a daily basis.